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| 2 | 2 | | HOUSE DOCKET, NO. 96 FILED ON: 1/9/2023 |
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| 3 | 3 | | HOUSE . . . . . . . . . . . . . . . No. 2105 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Jeffrey N. Roy |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act authorizing municipal use of the prudent investor standards. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :DATE ADDED:Jeffrey N. Roy10th Norfolk1/4/2023 1 of 2 |
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| 16 | 16 | | HOUSE DOCKET, NO. 96 FILED ON: 1/9/2023 |
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| 17 | 17 | | HOUSE . . . . . . . . . . . . . . . No. 2105 |
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| 18 | 18 | | By Representative Roy of Franklin, a petition (accompanied by bill, House, No. 2105) of Jeffrey |
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| 19 | 19 | | N. Roy relative to authorizing municipal use of the prudent investor standards. Municipalities |
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| 20 | 20 | | and Regional Government. |
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| 21 | 21 | | The Commonwealth of Massachusetts |
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| 22 | 22 | | _______________ |
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| 23 | 23 | | In the One Hundred and Ninety-Third General Court |
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| 24 | 24 | | (2023-2024) |
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| 25 | 25 | | _______________ |
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| 26 | 26 | | An Act authorizing municipal use of the prudent investor standards. |
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| 27 | 27 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 28 | 28 | | of the same, as follows: |
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| 29 | 29 | | 1 SECTION 1. Section 54 of chapter 44 of the General Laws, as appearing in the 2016 |
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| 30 | 30 | | 2Official Edition, is hereby amended by inserting the following subtitle: |
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| 31 | 31 | | 3 “(a) General Rule:” |
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| 32 | 32 | | 4 Section 2. Said section is hereby amended by inserting at the end thereof, the following |
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| 33 | 33 | | 5subsection:- |
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| 34 | 34 | | 6 (b) Prudent Investor Rule. |
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| 35 | 35 | | 7 This paragraph shall take effect in any city, town or district upon acceptance in |
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| 36 | 36 | | 8accordance with the provisions of section 4 of chapter 4. Upon acceptance of this paragraph any |
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| 37 | 37 | | 9city, town, or district may manage trust funds held in its custody as a combined investment pool |
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| 38 | 38 | | 10and may invest said funds in accordance with the provisions of the Massachusetts Prudent |
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| 39 | 39 | | 11Investor Act of Chapter 203C of the General Laws and not in accordance with paragraph (a) of 2 of 2 |
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| 40 | 40 | | 12this section. If any provision of this paragraph conflicts with the terms of a bequest, trust, or |
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| 41 | 41 | | 13other instrument that expresses the clear intent of the donor, then such funds may be managed |
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| 42 | 42 | | 14and invested only in accordance with the terms of such bequest, trust, or other instrument. |
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